Elon Musk Disputes Reports Of Making $8.6M Every Hour: I 'Lose' Way More Every Time Tesla Stock Drops

Tesla Inc TSLA CEO Elon Musk on Sunday disputed reports of his net worth rising by $8.6 million every hour.

What Happened: Daily Dot reported on Saturday that the billionaire CEO’s net worth went up to $250 billion over the last three years from $24.6 billion. The report averaged this to $142,680 a minute or $8,560,800 an hour.

“If he went to bed for eight hours, he'd wake up the next morning to find himself $68,486,400 richer,” the report said.

Musk responded to the report on X, formerly Twitter, and said, “Such a silly metric. It's not a giant pile of cash.”

The CEO, instead, said that he only owns stock in companies that he was ‘instrumental’ in making. “Technically, I "lose" way more than that every time Tesla stock randomly drops,” Musk wrote.

Why It Matters: As of the end of 2022, Musk owned more than 423 million shares of Tesla, representing a 13.4% stake in the company.

Tesla shares closed at $250.22 per share on Friday, up 19,448% since listing. As per Forbes’ real-time billionaire’s list, Musk is currently the richest person in the world with net worth of $252.6 billion, seconded by Bernard Arnault and the family of luxury goods company LVMH.

Musk’s portfolio is bigger than just Tesla. He is the owner of X Corp and also the founder of SpaceX, The Boring Company and Neuralink.

Image – Shutterstock

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